GBP/AUD Technical Analysis

• Rooftop pattern on daily
• The price should move down
• Targets are M H3 and M L3
• 1-2-3 Breakout

1. Double top support
2. High of the move
3. New Support
4. Retest of the swing entry zone
5. Target

GBP/AUD has formed a rooftop pattern on the daily TF. The pattern has a horizontal or near horizontal bottom with up sloping trend in the first part of the pattern followed by a down-sloping trend in the last part of the pattern. 1-2-3 resembles the roof. The entry zone is around 1.8520. The first target is is M H3 camarilla 1.8375 followed by 1.8250. If the market continues with the trend the final target is M L3 camarilla pivot – 1.8050.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad